MAYOR MAKES LAND OFFER

Hoping to finish negotiations on a new bayfront arena for the Miami Heat, Metro-Dade Mayor Alex Penelas offered the city of Miami $97.5 million for nearly 50 acres of land Wednesday.

Acquiring the land is the last major hurdle for the arena. The problem is that the Miami City Commission has voted to accept no less than $121 million for the land in downtown Miami.

But that stance could be softening for two reasons: The cash-strapped city needs money. And there are signs the $121 million value put on the land by the county property assessor is more than it's worth.

"I believe we do have to make a deal," said Miami Vice Mayor Tomas Regalado.

Making Penelas' offer more palatable is a city option to have three appraisers come up with a new price. Also included in Penelas' offer was an option to include two other city parcels in the purchase including the Miami Springs golf course which would net $10 million more for the city.